Federal Reserve Gov. Lael Brainard on Friday suggested it may be time for the central bank to impose countercyclical counter buffer on banks, a step her colleagues on the board have resisted. "At a time when cyclical pressures have been building and bank profitability has been strong, it might be prudent to ask large banking organizations to fortify their capital buffers, which could subsequently be released if conditions warrant," she said. She said corporate borrowing has reached new heights amid rapid growth and deteriorating underwriting standards, and mutual funds that are exposed have liquidity mismatches. On the economy, she said domestic economic momentum has been strong and that there are good reasons to expect growth to remain solid next year. "The gradual path of increases in the federal funds rate has served us well by giving us time to assess the effects of policy as we have proceeded. That approach remains appropriate in the near term, although the policy path increasingly will depend on how the outlook evolves," Brainard said.

Carlos Ghosn has hired U.S.-based law firm Paul, Weiss, Rifkind, Wharton & Garrison to defend himself against allegations of financial misconduct in Japan, a person familiar with the matter said. Mr. Ghosn, who leads French auto giant Renault SA as chairman and chief executive, and who formerly served as Nissan Motor Co.

Citigroup Inc. said Tuesday it will move about 1,100 of its workers out of the One Court Square tower in Long Island City in the New York borough of Queens in the first half of 2019 to free up space for Amazon.com Inc. to establish its New York headquarters. Citi currently occupies about one million square feet in the building and is speeding up plans to move workers to its Tribeca Headquarters in Lower Manhattan and other locations. The bank has about 3,000 employees in the Long Island City tower. Citi Chief Executive Michael Corbat said the building was the tallest in Queens when it was constructed 30 years ago. Today it a "bustling, vibrant" community, he said in a statement. Amazon announced earlier that it has selected Long Island City and Arlington County, Va. as the sites for its planned second headquarters. Amazon shares were slightly higher Tuesday, and have gained 40.4% in 2018, while the S&P 500 has gained 2.3%.

A New York-based activist hedge fund has taken a stake in Deutsche Bank AG, betting the German lender's new chief executive can revive its sagging profits by pursuing a turnaround strategy investors so far have found unconvincing.

Deutsche Bank AG's long struggle to make money shows little sign of easing. Slumping investment banking and trading revenues took another bite out of profitability at the struggling German lender in the third quarter as it faces growing pressure to cut costs and stabilize earnings. Shares were down 4% in Wednesday morning trading.

Financial stocks fell sharply early Tuesday, as the global selloff in stocks sent investors into safe-haven Treasurys, pushing yields lower. The SPDR Financial Select Sector ETF dropped 1.6% toward a 13-month low in premarket trade. Among the ETF's (XLF) heavyweights, shares of J.P. Morgan Chase & Co. shed 1.8%, Bank of America Corp. declined 2.8%, Citigroup Inc. lost 1.8%, Goldman Sachs Group Inc. gave up 1.8% and Wells Fargo & Co. slumped 1.5%. Meanwhile, the yield on the 10-year Treasury note declined 5.7 basis points to 3.139%. Lower long-term interest rates can pressure bank earnings, as it narrows the spread between what makes earn on longer-term assets, such as loans, and what they pay on shorter-term liabilities. The XLF, on track to open at the lowest level seen during regular session hours since September 2017, has lost 6.6% over the past three months, while the S&P 500 has slipped 1.8%.

Seven banks say they are entering a partnership to digitize trade and supply chain finance. ANZ, Banco Santander, BNP Paribas, Citi, Deutsche Bank, HSBC and Standard Chartered say the network will let companies "easily and securely communicate trade information directly with banks." The network will be introduced at the Sibos conference in Sydney and will be built by technology firm CGI Group . In addition to the founding banks, the firms say more than 20 additional banks are participating in developing the network, and several corporates have already expressed an interest in participating in pilots.

Nervous bank executives have been busily jetting in and out of meetings with Europe’s top financial regulators in the past few months. The reason: make sure Brexit doesn’t turn into financial armageddon.

Bond investors scrambling to protect themselves from losses are increasingly using bets against the largest junk-bond exchange-traded funds and derivatives that rise in value when corporate bonds lose ground.

“The bottom line is that the long-term structure of the market remains weak and elements we are monitoring for a positive change are moving in the wrong direction,” explains John Kolovos, chief technical strategist at Macro Risk Advisors.

Two large British banks are among those ensnared in the controversy over Huawei Technologies. The dispute escalated over the weekend after the Chinese government warned Canada it would face “severe consequences” if it didn’t release the Chinese telecom giant’s finance chief.

Some investors fear a potential weak spot in the audits of many U.S. companies, including Amazon, Citigroup and BlackRock, because U.K. audit firms that have been harshly criticized are doing part of the work.

Nervous bank executives have been busily jetting in and out of meetings with Europe’s top financial regulators in the past few months. The reason: make sure Brexit doesn’t turn into financial armageddon.

Bacchanal Sauce Named Winner of the Citi Urbanspace Challenge, a
Competition to Help Local NYC Chefs Pursue their Culinary Dreams

Nov. 16, 2018 at 1:35 p.m. ET

on BusinessWire - BZX

Citigroup Inc.

Citigroup, Inc. is a holding company, which engages in the provision of financial products and services. It operates through the following segments: Global Consumer Banking; Institutional Clients Group; and Corporate and Other. The Global Consumer Banking segment includes global, full-service consumer franchise, array of banking, including commercial banking, credit card lending, and investment. The Institutional Clients Group segment composes of banking and markets; and securities services. The Corporate and Other segment involves activities that are not assigned to a specific business segment as well as certain North America and international loan portfolios, other legacy assets, and discontinued operations. The company was founded in 1812 and is headquartered in New York, NY.
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